Stetson Provides Update
08 Septembre 2011 - 2:30PM
Marketwired
Stetson Oil & Gas Ltd. ("Stetson" or the "Company") (TSX
VENTURE: SSN) is pleased to provide an update on its operations and
corporate initiatives.
The Company drilled its first exploration well,
MHA#1-11H-148-90, with its partner, Red Willow Great Plains, LLC in
September, 2009 in the Williston Basin of North Dakota. The initial
completion and testing program of the primary target, the Bakken
zone, yielded marginal results and the well was temporarily
abandoned in the zone.
A subsequent geologic review provided indications of potential
hydrocarbons in a shallower zone in the existing wellbore and
Stetson and its partner decided to pursue a re-completion program
to test this potential. However, because the well was drilled in a
location to maximize the horizontal length in the Bakken within the
standard spacing area, the vertical portion of the hole is located
outside of the standard spacing area. The re-completion will be
performed in the vertical portion and, as a result, approval of
non-standard spacing is required. An application therefore has been
submitted to the North Dakota Industrial Commission ("NDIC") Oil
and Gas Division and this application has been placed on the docket
for the NDIC meeting at the end of September 2011, after which the
re-completion attempt will proceed, assuming the approval is
granted.
With regard to its outstanding legal claim against Thomas Weisel
Partners Canada Inc. ("Weisel") for damages arising in connection
with the Company's incomplete bought deal financing of July 2008,
the Company continues to advance its claim aggressively. Mediation
has been scheduled for November 2011 with a trial to follow in
February 2012 if Stetson and Weisel are unable to reach an
acceptable settlement.
Stetson is also pleased to announce that its Board of Directors
has appointed Neil Said as the Corporate Secretary of the
Company.
Mr. Neil Said is a corporate securities lawyer who works as a
legal consultant to various TSX and TSXV Venture listed companies
in the mining and oil & gas industries. Mr. Said previously
worked as a securities lawyer at a large Toronto corporate law
firm. He obtained his Juris Doctor from the University of Toronto
and received a Bachelor of Business Administration from Wilfrid
Laurier University. In connection with his appointment, Mr. Neil
Said has been granted 200,000 stock options to purchase the same
number of common shares of the Company at a price of $0.10 per
option exercised. The stock options, and any shares issued on
exercise thereof, will vest in eight equal amounts quarterly with
the first amount on issue, and will be subject to a four month
statutory hold period.
Stetson is a junior oil and gas company with exploration assets
in North Dakota, USA.
This press release contains "forward-looking information",
within the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
statements with respect to the effect of the drilling program on
the Company; reserve estimates; estimates regarding future
production; the receipt of regulatory approvals; expected
management rationalization and benefits therefrom; statements with
respect to the conduct and the strategy of our claim against
Weisel; the merits of our claim; the receipt of damages in
connection with the claim, the anticipated timetable of the claim;
and the future financial and operating performance of Stetson and
its projects. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic, competitive, political and
social risks and uncertainties; risks relating to oil and gas
exploration and exploitation activities; oil and gas prices;
acquisition risks; risks relating to greater resources, time and
attention will be spent on the Acquisition than anticipated; and
delays in obtaining regulatory approvals. Although Stetson has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. Stetson does
not undertake to update any forward-looking information, except in
accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Ahmed Said Chairman & CEO +1 (403) 263 3000
asaid@forbesenergygroup.com Bob Petryk Operations Manager +1 (403)
531 1711 bpetryk@forbesenergygroup.com
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